The familiar pink livery remains thanks to the ongoing support from BWT, which started sponsoring the team in 2017 in its Force India days.
The team will also be formally branded as Sportpesa Racing Point F1 Team.
Racing Point assumed control of the ex-Force India team and joined the Formula 1 grid as a new entry from last year’s Belgian Grand Prix.
It planned a new identity for this season, and was understood to have held discussions over reviving the Brabham and Lola names, but has settled on continuing with Racing Point.
At the team’s season launch in Canada, Otmar Szafnauer explained: “We’ve all come to the conclusion to that basically we’re a team of racers and there’s nothing wrong with Racing Point and it encompasses who we are.
“We thought it was an appropriate name, let’s make it wonderful and let’s take that name and give it some history and time and some heritage.
“Racing Point is what we got to. I think it’s appropriate and thanks to our new title partner Sportpesa they are part of the name too.”
The SportPesa partnership has been described as a “multi-year” deal.
Szafnauer said: “SportPesa is a young, dynamic, growing company whose values align with our own vision to become a team capable of competing at the very front of the grid.
“We are excited to have such an ambitious partner on board to help us deliver our team mission and look forward to working with them to bring the sport of Formula 1 closer to fans around the world.”
SportPesa has partnerships with three Premier League football clubs: Arsenal, Southampton and Everton.
Company director Adam Beighton said: “We are absolutely delighted to become part of the extended Formula 1 family.
“This partnership is very important to us because it diversifies us into new territories and allows us to reach new audiences across the globe.
“Equally important is the platform it provides us which enables us to stay true to our mission; to build and develop grassroots and professional sport in the countries where we operate by bringing new opportunities to local communities.”